MENA Markets Daily Report - 4 December

Transcription

1. KAMCO Research MENA Markets Daily Report Country December 4 , 2017 Index Value Benchmark DTD Change YTD 2017 FY 2016 MENA Countries Kuwait Price Index ▲ 6,214.13 0.3% 8.1% 2.4% Kuwait …………………………………. 2 Kuwait Weighted Index ▲ 400.13 0.3% 5.3% (0.4%) Saudi Arabia ………………………. 3 Kuwait KSX 15 Index ▲ 913.92 0.6% 3.3% (1.7%) Qatar …………………………………… 4 Saudi Arabia TADAWUL All Share Index ▲ 7,089.33 1.2% (1.7%) 4.3% Bahrain ………………………………… 5 UAE - Dubai DFM General Index ═ 3,420.17 0.0% (3.1%) 12.1% Egypt …………………………………. 6 UAE - Nasdaq Dubai FTSE NASDAQ Dubai UAE 20 Index ═ 3,290.40 0.0% (0.1%) 7.5% Jordan…………………………… 7 UAE - Abu Dhabi ADX General Index ═ 4,283.07 0.0% (5.8%) 5.6% Tunisia …………………………………. 8 Qatar QE 20 Index ▲ 7,756.55 0.5% (25.7%) 0.1% Lebanon ………………………………. 9 Bahrain Bahrain All Share ▼ 1,280.21 (0.3%) 4.9% 0.4% Morocco……………………….. 10 Oman MSM 30 Index ═ 5,109.62 0.0% (11.6%) 7.0% Syria ……………………………… 11 Egypt EGX 30 ▲ 14,713.63 0.9% 19.2% 76.2% 2,124.31 0.1% (2.1%) 1.6% 1,115.82 (0.2%) (8.0%) 3.7% In this Report… Jordan ASE Index ▲ Lebanon Blom Stock Index ▼ Tunisia Tunisia Index ▲ 6,222.30 0.4% 13.4% 8.9% Morocco MASI ▼ 12,568.42 (0.7%) 7.9% 30.5% Syria DSE Weighted Index ▲ 4,715.33 1.2% 191.5% 31.7% 3,322.05 0.1% 7.0% (12.3%) Emerging Markets China SSE Composite Index ▲ Russia RUSSIAN RTS INDEX ($) ▲ 1,133.33 0.2% (1.6%) 52.2% India SENSEX ▲ 32,929.26 0.3% 23.7% 1.9% Brazil BOVESPA Stock Index ▲ 72,264.45 0.4% 20.0% 38.9% Mexico BOLSA Index ▲ 47,265.30 0.4% 3.6% 6.2% Korea KOSPI Index ▲ 2,490.98 0.6% 22.9% 3.3% Taiwan TAIEX Index ▲ 10,642.07 0.4% 15.0% 11.0% Global Markets Investment Research Department Kamcoird@kamconline.com P.O.Box 28873,Safat 13149 Kuwait Tel: (965) 1852626, Extn: 1153 / 1146 Fax: (965) 22492395 http://www.kamconline.com KAMCO Investment Company - K.S.C (Public) World MSCI World Index ▼ 2,069.37 (0.4%) 18.2% 5.3% Asia MSCI Asia Pacific ▼ 169.92 (0.3%) 25.8% 2.3% Europe DJ Stoxx 600 ▼ 383.97 (0.7%) 6.2% (1.2%) Europe FTSEurofirst 300 ▼ 1,507.88 (0.7%) 5.6% (0.6%) Emerging Markets MSCI EM Index ▼ 1,115.94 (0.4%) 29.4% 8.6% U.S.A S&P 500 ▼ 2,642.22 (0.2%) 18.0% 9.5% U.S.A DJIA ▼ 24,231.59 (0.2%) 22.6% 13.4% U.S.A NASDAQ Composite ▼ 6,847.59 (0.4%) 27.2% 7.5% UK FTSE 100 ▼ 7,300.49 (0.4%) 2.2% 14.4% Germany DAX ▼ 12,861.49 (1.3%) 12.0% 6.9% Japan NIKKEI 225 ▼ 22,762.19 (0.2%) 19.1% 0.4% Hong Kong HANG SENG INDEX ▲ 29,274.15 0.7% 33.1% 0.4% Oil OPEC Crude ▼ 61.06 (0.1%) 14.6% 67.1% Oil Brent ▼ 63.38 (0.5%) 11.5% 52.4% Oil Kuwait ▲ 60.22 0.4% 12.9% 85.5% Natural Gas NYMEX Natural Gas (USD/MMBtu) ▲ 3.11 1.6% (17.7%) 30.0% Gold Gold Spot $/Oz ▼ 1,274.59 (0.5%) 11.1% 8.1% Commodities Source: Bloomberg & KAMCO Research
2. KAMCO Research Boursa Kuwait Daily Report December 4 , 2017 Sector Weight by Market Cap Real Estate 7% Market Capitalization - Sector Returns Financial Services Technology 8% 0.1% Telecom 11% ▲ 0.3% 0.3% 3.9% ▼ (2.2%) (2.2%) (16.5%) 28.9% 789.1 ▼ (0.1%) (0.1%) ▲ 0.4% 0.4% 19.4% Consumer Goods 872.5 ▲ 0.3% 0.3% (39.2%) Health Care 196.8 ═ 0.0% 0.0% (14.0%) Consumer Services 658.5 ▲ 0.0% 0.0% 3.9% 2,863.6 ▼ (0.6%) (0.6%) (0.6%) 13,754.5 ▲ 0.6% 0.6% 11.0% 317.2 ▼ (0.0%) (0.0%) (2.1%) Real Estate 2,013.9 ▲ 1.0% 1.0% (8.5%) Financial Services 2,220.5 ▲ 0.0% 0.0% (9.2%) 22.8 ═ 0.0% 0.0% (27.2%) Telecommunications Banks Insurance Consumer Services 2% Health Care 0.7% Technology Top 10 Companies by Market Capitalization 61 Market Breadth Company Name Market Cap. P/E ROE* (Mn KWD) (X) (%) Benchmark Return Closing Value 13.8 10.7% 2- Kuwait Finance House 3,251.9 18.5 9.8% 3- Zain 1,929.9 12.3 13.3% 4- Ahli United Bank - Bahrain 1,542.2 8.8 16.5% 5- Agility (PWC Logistics) 1,073.1 17.2 6.6% 6- Boubyan Bank 957.7 21.7 12.5% 7- Gulf Bank 734.6 16.3 7.8% 8- Mabanee Co. 695.0 14.2 13.6% 9- Burgan Bank 664.9 8.8 11.3% 10- Commercial Bank of Kuwait 658.5 16.1 6.9% 15,774 13.90 10.9% Total 61 DTD MTD YTD % Chg Chg % Chg % Chg 17.6 0.3% 0.3% 8.1% Weighted Index 400.13 1.4 0.3% 0.3% 5.3% Kuwait 15 Index 913.92 5.4 0.6% 0.6% 3.3% Market Cap (KWD Mn) 27,133 88.9 0.3% 0.3% 3.9% Index Performance relative to Volume 450 Weighted Index 4,266.5 35 DTD 6,214.13 Price Index 1- National Bank of Kuwait YTD % Chg 3,232.5 Industrials Consumer Goods 3% MTD % Chg 191.2 Basic Materials Industrials 12% DTD % Chg 27,133.2 Oil & Gas Basic Materials 3% DTD (KWD Mn) Boursa Kuwait Oil & Gas 1% Banks 51% Market Cap. 1,200 1,100 1,000 420 900 800 700 600 390 500 400 300 360 200 100 Kuwait & M.E. Financial Inv. Co. United Real Estate Co. 0.075 0.007 10.0% Salbookh Trading Co. 0.050 0.004 8.2% Kuwait & Gulf Link Transport Co. 0.064 0.005 8.0% Injazzat Real Estate Development Co. 0.083 0.005 6.3% Today's Top % Losers Close Change Percent (KWD) (KWD) Change Equipment Holding Co. 0.034 (0.003) (7.4%) Kuwait Real Estate Holding Co. 0.030 (0.002) (6.3%) National Mobile Telecom Co. 1.090 (0.054) (4.7%) Al Madina For Finance & Investment Co. 0.036 (0.002) (4.5%) Kuwait Projects Co.(Holding) 0.281 (0.013) (4.4%) Dec-17 Nov-17 Oct-17 Sep-17 11.6% Aug-17 0.003 Jul-17 Change 0.024 Jun-17 Percent May-17 (KWD) Apr-17 Change Mar-17 Close (KWD) Feb-17 330 Jan-17 Top Movers and Most Active Stocks Dec-16 *: ROE is calculated based on TTM 1H-2017 net profit & shareholders' equity as of 30-June-17 Today's Top % Gainers Volume traded (shr. mil.) Insurance 1% 0 Market Trading Data and Volatility Trading Indicators Today's DTD DTD Value Chg % Chg Average Daily YTD 2017 YTD 2016 118.1 Volume (Shrs Mn) 63.7 (10.7) (14.4%) 211.1 Value Traded (KWD Mn) 12.2 (2.9) (19.2%) 23.9 11.3 18.0% 4,895 2,812 No. of Trades 3,218 Market Volatility** Price Index Weighted Index 492 Volatility Since January: 2016 2015 2014 2013 2012 9.7% 9.2% 9.6% 10.1% 9.7% 11.0% 10.4% 10.4% 9.9% 9.6% Close Percent Value (KWD) Change (KWD) **: Annualized Standard Deviation of Daily Returns Today's Most Active by Volume Close Percent Volume (KWD) Change (Shares) Today's Most Active by Value Investors Holding Group Co. 0.018 1.1% 8,382,714 Kuwait Finance House 0.564 1.6% 3,479,005 Kuwait Finance House 0.564 1.6% 6,179,851 Agility (PWC Logistics) 0.805 1.9% 1,172,379 National Industries Group 0.149 1.4% 5,164,908 Zain 0.446 0.9% 1,078,147 A'ayan Leasing & Investment Co. 0.036 0.8% 4,875,791 Mezzan Holding Co. 0.760 0.1% 945,569 Alimtiaz Investment Group 0.160 0.6% 4,604,983 National Bank of Kuwait 0.721 0.0% 784,567 Source: Boursa Kuwait, KAMCO Research 2
3. KAMCO Research Saudi Tadawul Daily Report December 4 , 2017 Sector Returns Index Performance relative to Volume 8,000 650 Market Cap. DTD MTD YTD (SAR Mn) % Chg % Chg % Chg 600 Saudi Stock Exchange 550 500 450 TASI Value 7,000 400 350 Energy Vol. Traded (Mln. Shares) 7,500 Materials Capital Goods Commercial & Professional Svc Transportation Consumer Durables & Apparel Consumer Services Media 6,500 300 250 Retailing Food & Staples Retailing 1,680,593 1.2% 1.2% (0.1%) 23,706 1.4% 1.4% (9.3%) 544,451 1.2% 1.2% 6.3% 8,536 2.4% 2.4% (65.4%) 7,516 2.5% 2.5% (22.2%) 13,404 1.4% 1.4% (24.8%) 3,169 1.7% 1.7% (14.6%) 12,934 1.7% 1.7% (23.7%) 5,207 9.9% 9.9% 61.7% 32,453 1.2% 1.2% 14.3% 11.8% 7,374 1.6% 1.6% Food & Beverages 90,324 0.6% 0.6% 2.4% Health Care Equipment & Svc 27,062 0.6% 0.6% (2.2%) (29.2%) 6,000 200 Pharma, Biotech & Life Science 150 5,500 100 Banks Diversified Financials Insurance 50 5,000 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 0 3,472 1.6% 1.6% 458,272 0.7% 0.7% 6.8% 32,977 0.1% 0.1% (30.7%) 39,811 1.4% 1.4% (6.2%) Telecommunication Services 154,155 1.5% 1.5% (8.7%) Utilities 103,648 1.2% 1.2% 7.4% 3,096 1.1% 1.1% 457.8% 109,026 2.8% 2.8% (14.3%) YTD-17 REITs Real Estate Mgmt & Dev't Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers Saudi Research and Marketing Group Najran Cement Co. Price Daily Trading Indicators Value (SAR) % Chg (SAR 000's) 61.00 10.0% 29,374 8.75 9.9% 6,612 88.40 9.9% 113,901 Southern Province Cement Co. 47.40 9.9% 4,812 Printing & Packing Co. 20.10 9.8% 58,357 Makkah Construction & Development Co. * Worst Return Performers Price (SAR) Mouwasat Medical Services Co. Savola Group Arabia Insurance Cooperative Co. Saudi Dairy & Foodstuff Co. * Banque Saudi Fransi Daily Value Market Return Tadawul All Share Index Market Cap (SAR Mn) Trading Indicators Value Traded (SAR Mn) 162.05 (1.0%) 982 No. of Trades 41.17 (0.8%) 10,596 17.77 (0.7%) 10,290 (0.6%) 3,950 28.74 (0.6%) 9,361 MTD % Chg % Chg % Chg 7,089.33 85.36 1.2% 1.2% (1.7%) 1,680,593 19,760.8 1.2% 1.2% (0.1%) Average Daily Today's DTD DTD Value Chg % Chg YTD-17 YTD-16 237 68.3 40.4% 170 281 4,411 1,119.2 34.0% 3,268 8,581 107,242 23,753 28.5% 178,269 143,065 169 Price Daily Volume % Chg ('000 Shrs) Dar Al Arkan Real Estate Development Co. 10.18 6.9% 60,010 Alinma Bank 18.27 1.7% 43,892 Saudi Kayan 9.20 1.1% 9,773 Saudi Basic Industries Corp Methanol Chemical Co. 7.75 3.2% 6,131 101.50 0.9% 5,184 Saudi Basic Industries Corp DTD Chg Market Breadth (SAR) Most Active Stocks By Volume DTD Value Volume (Mn Shares) % Chg (SAR 000's) 129.21 Closing 7 3 Price Daily Value (SAR) % Chg (SAR Mn) Alinma Bank 18.27 1.7% 800.7 Dar Al Arkan Real Estate Development Co. 10.18 6.9% 600.8 101.50 0.9% 526.3 Al-Rajhi Bank 64.47 0.9% 264.6 Makkah Construction & Development Co. * 88.40 9.9% 113.9 Most Active Stocks By Value Source: KAMCO Research 3
4. KAMCO Research Qatar Exchange Daily Report December 4 , 2017 Sector Returns 50 11,000 45 40 10,500 35 10,000 30 9,500 25 Vol. Traded (Mln Shares) QE 20 Index Value Index Performance relative to Volume 11,500 9,000 20 8,500 Market Cap. DTD MTD YTD (QAR Mn) % Chg % Chg % Chg Qatar Exchange 421,846 0.9% 0.9% (25.1%) Banking & Finance 195,327 0.4% 0.4% (17.3%) 16,387 1.0% 1.0% (27.1%) Industrial 107,058 0.6% 0.6% (27.9%) Insurance 16,631 3.4% 3.4% (37.9%) Real Estate 38,782 3.6% 3.6% (37.4%) Telecom 31,511 0.0% 0.0% (22.3%) Transport 16,149 0.8% 0.8% (39.2%) Goods & Consumer Services 15 8,000 10 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 0 Feb-17 7,000 Jan-17 5 Dec-16 7,500 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Trading Indicators Price Daily Value (QAR) % Chg (QAR) 14.00 7.6% 70,000 Ezdan Holding Group Co. 8.50 6.3% 5,432,648 Mazaya Qatar R.E Development Co. 7.22 6.2% 2,751,677 Gulf International Services 15.75 4.7% 4,135,536 Qatar General Insurance & Reins. Co. 49.00 4.5% 1,228,031 Best Return Performers Doha Insurance Co. Market Return QE 20 Index Market Cap (QAR Mn) Trading Indicators Price Daily Value Volume ('000 Shares) (QAR) % Chg (QAR) Value Traded (QAR Mn) 30.51 (5.8%) 745,556.06 Investment Holding Group 5.28 (1.5%) 6,830,352 Qatari German Co. for Medical Devices 5.51 (1.4%) 13,880 138.01 (1.4%) 951,532 12.70 (0.4%) 3,953,855 Worst Return Performers Islamic Holding Group Al Meera Consumer Goods Co. United Development Co. Most Active Stocks by Volume Price Daily Volume (QAR) % Chg (Shares) No. of Trades Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 7,756.55 42.29 0.5% 0.5% (25.7%) 421,846 3,698 0.9% 0.9% (25.1%) Average Daily Today's DTD DTD Value Chg % Chg YTD-17 YTD-16 8,095 (7,905) (49.4%) 9,734 7,861 123 (313) (71.8%) 268 277 2,394 (3,228) (57.4%) 3,337 4,041 Market Breadth Most Active Stocks by Value 30 8 Price (QAR) 7 Daily Value % Chg (QAR Mn) Vodafone Qatar 7.00 0.0% 1,326,493 Mesaieed Petrochemical Holding Co. 12.38 0.2% 12.6 Investment Holding Group 5.28 (1.5%) 1,283,395 Industries Qatar 88.61 (0.2%) 10.8 12.38 0.2% 1,013,581 Qatar National Bank 117.02 0.0% 9.8 Qatar First Bank 5.39 0.4% 885,429 Doha Bank 26.32 2.4% 9.6 Ezdan Holding Group Co. 8.50 6.3% 640,657 Vodafone Qatar 7.00 0.0% 9.3 Mesaieed Petrochemical Holding Co. Source: KAMCO Research 4
5. KAMCO Research Bahrain Bourse Daily Report December 4 , 2017 Sector Returns Index Performance relative to Volume 1,500 200 Market Cap. DTD MTD YTD (BHD Mn) % Chg % Chg % Chg 7,270 (0.3%) (0.3%) 0.7% Commercial Banks 3,376 (0.1%) (0.1%) 0.2% Investment 1,879 (0.3%) (0.3%) (8.7%) Bahrain All Share Index 1,400 160 140 1,300 120 100 1,200 80 Vol. Traded (Mln. Shares) 180 60 1,100 40 20 Insurance 144 0.0% 0.0% 2.5% Service 834 (0.8%) (0.8%) (17.0%) Hotel & Tourism 145 0.0% 0.0% (15.7%) Industrial 891 (0.8%) (0.8%) 88.0% Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Dec-16 Jan-17 0 Nov-16 1,000 Bahrain Bourse Top Movers and Most Active Stocks Trading Indicators Price Daily Value (BHD) % Chg (BHD) 0.104 2.0% Nass Corporation 0.134 0.8% 8,777.0 Ahli United Bank (USD) 0.680 0.7% 148,925 Best Return Performers AlKhaleeji Commercial Bank 1,560 Market Return Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg Bahrain All Share Index 1,280.21 (3.50) (0.3%) (0.3%) 4.9% Market Cap (BHD Mln) 7,270.37 (22.72) (0.3%) (0.3%) 0.7% DTD DTD Trading Indicators Today's Value Volume ('000 Shares) Price Daily Value (BHD) % Chg (BHD) Value Traded (BHD '000) 0.410 (3.8%) 29,627 No. of Trades Bahrain Telecommunications Co. 0.200 (2.0%) 22,969 Arab Banking Corporation. (USD) 0.285 (1.7%) 25,089 Aluminum Bahrain 0.610 (0.8%) 1,830 Bahrain Islamic Bank 0.142 (0.7%) Worst Return Performers Bank of Bahrain and Kuwait Most Active Stocks by Volume Chg % Chg YTD-17 YTD-16 1,292 (4,933) (79.2%) 4,493 2,015 281 (1,342) (82.7%) 809 437 42 (23) (35.4%) 78 41 Market Breadth 3 Price Daily Volume (BHD) % Chg (Shares) Average Daily Most Active Stocks by Value 5 33 Price Daily Value (BHD) % Chg (BHD) 148,925 Ahli United Bank (USD) 0.680 0.7% 580,922 Ahli United Bank (USD) 0.680 0.7% Arab Banking Corporation. (USD) 0.285 (1.7%) 230,000 Seef Properties 0.210 0.0% 39,024 Seef Properties 0.210 0.0% 186,122 Bank of Bahrain and Kuwait 0.410 (3.8%) 29,627 Bahrain Telecommunications Co. 0.200 (2.0%) 113,801 Arab Banking Corporation. (USD) 0.285 (1.7%) 25,089 Bank of Bahrain and Kuwait 0.410 (3.8%) 72,139 Bahrain Telecommunications Co. 0.200 (2.0%) 22,969 Source: KAMCO Research 5
6. KAMCO Research The Egyptian Exchange Daily Report December 4 , 2017 (The bulletin covers the top 60 companies by Mkt. Cap out of 336 listed companies) Index Performance relative to Volume Sector Returns 16,000 500 15,000 450 Market Cap. (EGP Mn) 14,000 400 DTD % Chg MTD % Chg YTD % Chg 42.8% The Egyptian Exchange 548,324 0.4% 0.4% Banking & Finance 136,574 0.9% 0.9% 9.6% Basic Resources 43,003 3.0% 3.0% 103.9% Chemical 28,898 (0.2%) (0.2%) 57.0% Construction & Material 47,847 0.7% 0.7% 260.3% Financial Services 31,149 0.2% 0.2% 7.3% Food & Beverage 13,694 (1.1%) (1.1%) 75.7% EGX 30 Index 350 12,000 300 11,000 250 10,000 200 Volume Traded (Mn Shrs) 13,000 9,000 Healthcare & Pharma. 9,600 0.0% 0.0% 38.3% 38,121 2.0% 2.0% 76.5% 1,185 (0.2%) (0.2%) 87.1% Oil & Gas 11,417 (0.1%) (0.1%) 79.2% Personal & Household 49,076 0.2% 0.2% 112.5% Real Estate 45,991 0.6% 0.6% 15.6% Telecommunication 85,385 (1.8%) (1.8%) 25.6% 6,384 0.7% 0.7% 97.3% Ind. Goods,Services, Auto. Media 150 8,000 100 7,000 50 6,000 Travel & Leisure 0 Dec-17 Nov-17 Oct-17 Sep-17 Jul-17 Aug-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 5,000 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Trading Indicators Price Daily (EGP) % Chg Egyptians Abroad for Inv. & Dev. 6.30 9.9% EGX 30 Index Egyptians Housing Dev. & Reconstruction 5.78 8.9% Market Cap (EGP Mn) Egyptian Iron & Steel Co. 9.46 7.0% Amer Group Holding 0.36 5.9% 20.24 4.1% Best Return Performers El Ezz Steel Rebars YTD-17 % Chg % Chg 14,713.63 131.41 0.9% 0.9% 19.2% 548,324 2,346 0.4% 0.4% 42.8% Today's DTD DTD Value Chg % Chg 669 (679.1) (50.4%) 816 504 14,765 (10,170) (40.8%) 17,452 13,906 (6.1%) No. of Trades 232.23 (4.9%) Tourah cement Co. 24.83 (4.7%) National CementCo. - Egypt 15.81 (3.2%) Housing and Development Bank 48.52 (2.4%) Price Volume 124 Market Breadth 26 Most Active Stocks By Value (EGP) ('000 Shrs) 27 Price (EGP) Amer Group Holding 0.36 67,836 T M G Holding Citadel Capital 1.39 26,781 Egyptian Iron & Steel Co. Palm Hills Developments YTD-16 169 2.14 T M G Holding YTD-17 (1.8%) Value Traded (EGP Mn) Egyptian Resorts Co. Average Daily (2.98) Daily Most Active Stocks By Volume MTD % Chg 165 % Chg Egyptian Co. for Mobile Services (MobiNil) DTD Chg Volume (Mn Shares) Price Alexandria Spinning & Weaving (SPINALEX) DTD Value Trading Indicators (EGP) Worst Return Performers Closing Market Return 7 Daily Value % Chg (EGP Mn) 10.15 1.81% 8539.16 9.46 7.01% 5295.88 1.46 12,302 Egyptian Financial Group-Hermes Hldg Co. 24.41 0.45% 4107.45 10.15 8,411 Commercial Int'l Bank (Egypt) 76.39 1.39% 4086.77 4.10 7,709 Citadel Capital 1.39 (0.71%) 3716.32 Source: KAMCO Research 6
7. KAMCO Research Amman Stock Exchange Daily Report (1st Market) December 4, 2017 Sector Returns 3 1,925 0 Dec-16 Vol. Traded (Mln. Shares) 1,975 Market Cap. (JD Mn) Nov-17 6 Oct-17 2,025 Sep-17 9 Aug-17 2,075 Jul-17 12 Jun-17 2,125 May-17 15 Apr-17 2,175 Mar-17 18 Feb-17 2,225 Jan-17 21 Nov-16 ASE Index Value Index Performance relative to Volume 2,275 DTD % Chg MTD % Chg YTD % Chg 12,423 8,750 109 169 236 23 256 114 101 464 6 514 67 69 15 8 16 58 965 341 (0.1%) (0.4%) 0.0% 0.4% 0.1% 0.2% 0.5% (0.9%) 0.8% 1.0% 0.0% 0.0% (0.1%) 0.3% (1.5%) 0.0% 0.0% 0.3% 1.4% (0.9%) (0.1%) (0.4%) 0.0% 0.4% 0.1% 0.2% 0.5% (0.9%) 0.8% 1.0% 0.0% 0.0% (0.1%) 0.3% (1.5%) 0.0% 0.0% 0.3% 1.4% (0.9%) (6.7%) (9.6%) (3.0%) 1.4% (2.1%) (8.0%) (8.3%) (12.2%) 10.7% (1.2%) (30.5%) (16.0%) 0.1% (12.9%) (21.8%) 0.0% 20.4% (12.9%) 24.1% 10.4% Engineering & Construction 47 0.0% 0.0% 0.8% Electrical Industries 12 2.2% 2.2% (23.3%) Textiles , Leathers & Clothings 78 (0.4%) (0.4%) (22.2%) 6 0.0% 0.0% 0.0% YTD-17 Amman Stock Exchange Banks Insurance Diversified Financial Services Real Estate Health Care Services Educational Services Hotels and Tourism Transportation Technology & Communications Media Utilities & Energy Commercial Services Pharmaceutical & Medical Ind. Chemical Industries Paper & Cardboard Industries Printing & Packaging Food & Beverages Tobacco & Cigarettes Mining & Extraction Industries Glass & Ceramic Industries Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Trading Indicators Price Daily (JD) % Chg 1.28 6.7% ASE Index UNITED FINANCIAL INVESTMENTS 0.68 4.6% Market Cap (JD Mn) JORDANIAN EXPATRIATES INVESTMENT HLDG 0.53 3.9% ARAB EAST FOR REAL ESTATE INVESTMENTS CO. 1.42 3.6% NATIONAL CABLE & WIRE MANUFACTURING 0.31 3.3% Best Return Performers ITTIHAD SCHOOLS Closing DTD DTD MTD Value Chg % Chg % Chg % Chg 2,124.31 1.84 0.1% 0.1% (2.1%) 12,423.01 (16.05) (0.1%) (0.1%) (6.7%) Market Return Today's DTD DTD Value Chg % Chg Average Daily Trading Indicators Price Daily (JD) % Chg JORDAN INDUSTRIAL RESOURCES 0.13 (7.1%) ARAB ALUMINIUM INDUSTRY /ARAL 1.84 (7.1%) SPECIALIZED INVESTMENT COMPOUNDS 0.79 (4.8%) SPECIALIZED JORDANIAN INVESTMENT 0.23 (4.2%) EL-ZAY READY WEAR MANUFACTURING 0.25 (3.8%) Worst Return Performers Most Active Stocks By Volume UNION INVESTMENT CORPORATION Price Volume (JD) ('000 Shrs) 1.23 288 YTD-17 YTD-16 Volume ('000 Shares) 2,002 (2,982) (59.8%) 3,378 4,134 Value Traded (JD '000) 3,506 (12527) (78.1%) 4,667 12,921 No. of Trades 1,239 (1,074) (46.4%) 5 2,027 18 76 Price Daily Value (JD) % Chg (JD) ARAB BANK $USD 5.27 (0.9%) 1,406,713 364,291 Market Breadth Most Active Stocks By Value 25 ARAB BANK $USD 5.27 266 UNION INVESTMENT CORPORATION 1.23 0.0% SPECIALIZED INVESTMENT COMPOUNDS 0.79 236 BANK OF JORDAN 3.00 0.7% 198,748 COMPREHENSIVE MULTIPLE PROJECT CO. 0.76 225 SPECIALIZED INVESTMENT COMPOUNDS 0.79 (4.8%) 193,385 JORDAN STEEL 0.53 204 COMPREHENSIVE MULTIPLE PROJECT CO. 0.76 (1.3%) 173,266 Source: KAMCO Research 7
8. KAMCO Research Tunisia Stock Exchange Daily Report December 4 , 2017 Index Performance relative to Volume Sector Returns 2,000 6,500 Market Cap. DTD MTD YTD (DT Mn) % Chg % Chg % Chg 19,171 (0.1%) 1.4% 10.8% 8,562 0.6% (1.8%) 13.3% Insurance 605 (1.0%) (1.2%) (7.5%) Leasing 604 (8.8%) (9.4%) (11.1%) 31.8% 6,400 1,800 1,600 6,200 Tunisia Index 6,100 1,400 6,000 1,200 5,900 5,800 1,000 5,700 Vol. Traded ('000. Shares) 6,300 800 5,600 Tunis Stock Exchange Banking Financial Services 2,024 0.1% 11.2% Industrial 1,356 (0.5%) 4.4% 9.1% 368 0.2% 12.4% (20.3%) Food & Beverage 2,792 (0.0%) 2.1% 6.7% Retailing 1,464 (0.2%) 6.6% 2.0% Others 1,396 (0.1%) 3.0% 24.4% Chemical Industry 5,500 600 5,400 400 5,300 Nov/17 Oct/17 Sep/17 Aug/17 Jul/17 Jun/17 May/17 Apr/17 Mar/17 Feb/17 Jan/17 Dec/16 200 Nov/16 5,200 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers Compagnie Internationale de Leasing Trading Indicators Price Daily (DT) % Chg Market Return 16.35 2.8% Tunisia Index Société Tunis. d'Entreprises de Télécom. 2.83 2.5% Market Cap (DT Mln) Banque Internationale Arabe de Tunisie 119.96 2.2% Electrostar 2.70 1.9% Manufacture de Panneaux Bois du Sud 3.00 1.7% Worst Return Performers Société des Industries Pharm. de Tunisie SOPAT Daily (DT) % Chg Value Traded ('000 DT) 7.06 (3.3%) No. of Trades 0.73 (2.7%) (2.4%) Modern Leasing 3.78 (1.8%) Laboratoires Adwya 5.20 (1.7%) Most Active Stocks By Volume TUNISAIR Volume ('000 Shares) Price 116.00 Société Tunisienne d'Assurances et de Réassurances Trading Indicators Price Volume (DT) (Shares) 0.47 88,054 Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 0.4% 1.9% 13.4% (0.1%) 1.4% 10.8% 6,222.30 19,171 22.93 (20.88) Average Daily Today's DTD DTD Value Chg % Chg 338 (9.0) (2.6%) 389 562 2,854 659 30.0% 2,986 3,922 940 138.0 17.2% 966 1,208 Market Breadth Most Active Stocks By Value Banque Internationale Arabe de Tunisie 13 YTD-17 19 YTD-16 34 Price Daily Value (DT) % Chg (DT '000) 119.96 2.2% 544 Société Tunisienne de Verreries 4.69 32,850 Attijari Bank 36.20 0.0% 401 Banque de Tunisie 8.00 23,529 Société Frigorifique et Brasserie de Tunis 19.90 0.0% 226 Automobile Reseau Tunisien et Services 6.15 23,136 One Tech Holding 12.40 0.0% 204 12.40 16,470 Banque de Tunisie 8.00 1.3% 186 One Tech Holding Source: KAMCO Research 8
9. KAMCO Research Beirut Stock Exchange Daily Report Sector Returns Index Performance relative to Volume 7 ,500 1,200 6,000 1,150 4,500 1,100 3,000 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Jan-17 Apr-17 0 Mar-17 1,000 Feb-17 1,500 Dec-16 1,050 Beirut Stock Exchange Vol. Traded ('000. Shares) Blom Stock Index 1,250 Banking Industrial Trading Real Estate & Construction BLOM Bank Price Daily (USD) % Chg 11.06 0.1% Market Return Blom Stock Index Trading Indicators Price Daily (USD) % Chg Solidere A 8.02 (1.6%) Solidere B 7.95 (0.6%) 11.49 (0.1%) BLOM Bank GDR DTD MTD YTD (USD Mn) % Chg % Chg % Chg 11,030 (0.1%) (0.1%) (7.1%) 9,362 0.0% 0.0% (5.0%) 314 0.0% 0.0% 23.7% 35 0.0% 0.0% 0.0% 1,319 (1.2%) (1.2%) (23.4%) Trading Indicators Market Cap (USD Mn) Worst Return Performers Market Cap. Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers December 4, 2017 Volume ('000s shares) Value Traded ('000s USD) Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 1,115.82 (1.76) (0.2%) (0.2%) (8.0%) 11,029.92 (14.84) (0.1%) (0.1%) (7.1%) Average Daily Today's DTD DTD Value Chg % Chg 94.65 24 33.7% 326 662 834.43 10 1.2% 2,894 2,878 YTD-17 YTD-16 Market Breadth 1 Most Active Stocks by Volume Price Volume (USD) (Shares) Most Active Stocks by Value Solidere B 7.95 43,483 Solidere B Solidere A 8.02 28,000 BLOM Bank GDR BLOM Bank GDR 11.49 20,164 Solidere A BLOM Bank 11.06 3,000 BLOM Bank 3 31 Price Daily Value (USD) % Chg (USD) 7.95 (0.6%) 343,624 11.49 (0.1%) 231,596 8.02 (1.6%) 226,027 11.06 0.1% 33,180 Source: KAMCO Research 9
10. KAMCO Research Casablanca Stock Exchange Daily Report December 4 , 2017 (The Bulletin covers the 41 Stocks listed on the Main Market) Index Performance relative to Volume Sector Returns 22000 13,250 13,000 20000 Market Cap. DTD MTD YTD (MAD Mn) % Chg % Chg % Chg 12,500 18000 12,250 16000 MASI Index 12,000 11,750 14000 11,500 11,250 12000 Volume Traded ('ooo shares) 12,750 11,000 10000 10,750 Casablanca Stock Exchange 571,233 (0.6%) 1.6% 6.2% Banking 219,112 (0.7%) 2.6% 11.0% Beverages 3,350 0.0% (11.4%) 16.7% Chemicals 1,440 (7.0%) (6.6%) 267.0% Construction & Bldg. Material 72,973 (0.2%) 1.6% (5.9%) Distributors 10,985 (0.3%) 0.3% 3.0% 337 0.0% 4.2% 1.4% Electricity 21,937 1.6% 6.9% 19% Food Producers & Processors 17,442 (0.2%) 2.1% (3.7%) Electrical & Electronic Equip. Holding Companies 2,930 (0.1%) 4.9% 15.3% 27,627 (0.5%) 1.6% 15.2% Investment & other Finance 4,006 (2.7%) 0.9% 9.5% Leisures & Hotel 2,077 (2.0%) 7.4% 23.1% Insurance 10,500 8000 10,250 10,000 6000 9,750 4000 9,500 9,250 2000 Materials, Software & Computer 1,903 0.0% (0.9%) 56.9% Mining 23,916 0.0% 2.5% 51.0% Oil & Gas 11,479 0.0% 4.2% 8.2% Real Estate 23,205 (1.8%) (7.3%) 1.7% 120,700 (1.0%) 1.5% (3.3%) 924 0.0% (12.8%) 23.8% 4,801 0.0% (4.1%) 11.1% 88 (2.1%) (2.7%) 35.6% Telecommunications 9,000 Transport 0 Utilities Nov/17 Oct/17 Sep/17 Aug/17 Jul/17 Jun/17 May/17 Apr/17 Mar/17 Feb/17 Jan/17 Dec/16 Nov/16 8,750 Forestry & Paper Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers TAQA MOROCCO Ciments Du Maroc Comp Suc Maroc Et De Raff Label Vie Trading Indicators Price Daily (MAD) % Chg Market Return % Chg (88.24) (0.7%) 1.6% 7.9% 1,710.00 0.9% MADEX Index 10,260.87 (77.39) (0.7%) 1.7% 7.5% 304.00 0.3% Market Cap (MAD Mn) 571,233 (3.50) (0.6%) 1.6% 6.2% 1,750.00 0.1% Daily Volume ('000 Shares) 600.00 (7.0%) Value Traded (MAD Mn) 1,150.00 (5.5%) Douja Prom Addoha 37.72 (3.0%) Med Paper 34.25 (2.1%) 145.00 (2.0%) Most Active Stocks By Volume YTD-17 % Chg 12,568.42 % Chg Risma MTD % Chg MASI Index Price Credit EQDOM (SOC D'EQUIP DOM ET MN) DTD Chg 1.6% (MAD) Societe Nationale d'Electrolyse et de Petrochimie DTD Value 930.00 Trading Indicators Worst Return Performers Closing Price Volume (MAD) (Shrs) Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 1,191.51 670.0 128.5% 900 516 98.06 26.78 37.6% 65 70 Market Breadth Most Active Stocks By Value 4 18 Price 19 Daily Value (MAD) % Chg (MAD Mn) Douja Prom Addoha 37.72 627,092 Attijariwafa Bank 495.00 (1.1%) 31.51 Itissalat Al-Maghrib 137.30 293,355 Itissalat Al-Maghrib 137.30 (1.0%) 20.14 Attijariwafa Bank 495.00 126,588 Douja Prom Addoha 37.72 (3.0%) 11.89 Comp Suc Maroc Et De Raff 304.00 71,117 Comp Suc Maroc Et De Raff 304.00 0.3% 10.80 Alliances Developpement Immobilier 257.10 14,299 Societe Nationale d'Electrolyse et de Petrochimie 600.00 (7.0%) 5.46 Source: KAMCO Research 10
11. KAMCO Research Damascus Securities Exchange Daily Report December 4 , 2017 Index Performance relative to Volume Sector Returns 5,000 700 Market Cap. DTD MTD MTD (SRY Mn) % Chg % Chg % Chg 497,511 1.2% 1.2% 183.3% 467,435 1.3% 1.3% 196.0% 38.8% 4,800 4,600 600 4,400 Damascus SE 4,200 500 DSE TRW Index 3,800 3,600 3,400 400 3,200 3,000 2,800 300 2,600 2,400 2,200 Vol. Traded ('000. Shares) 4,000 200 Banking Services 2,050 0.0% 0.0% Industrial 8,049 (1.2%) (1.2%) 10.2% Insurance 19,448 (0.7%) (0.7%) 132.5% 528 0.0% 0.0% 0.0% Agricultural Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 2,000 1,800 1,600 100 1,400 1,200 Dec-17 Oct-17 Nov-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 0 Dec-16 1,000 Trading Indicators Top Movers and Most Active Stocks Closing DTD DTD MTD Value Chg. % Chg. % Chg. % Chg. 57.08 1.2% 1.2% 191.5% 5,777.7 1.2% 1.2% 183.3% Price (SRY) Daily % Chg 1184.99 5.0% DSE Weighted Index 4,715.33 Syria International Islamic Bank 869.03 4.4% Market Cap (SRY Mn) 497,511 Cham Bank 678.33 3.6% Syria Gulf Bank 314.33 1.0% Best Return Performers Al Baraka Bank - Syria Market Return Trading Indicators Worst Return Performers Price (SRY) Daily % Chg Al-Aqeelah Takaful Insurance 393.64 (1.7%) Qatar National Bank Syria 538.31 (1.7%) Alahliah Vegtable Oil Company E.S.A 536.63 (1.2%) Fransabank Syria 477.74 (0.0%) Today's DTD DTD Value Chg. % Chg. Average Daily YTD-17 YTD-16 Volume (Shrs) 75,024 (31,588) (29.6%) 116,766 177 Value Traded ('000 SRY) 48,640 (31,253) (39.1%) 45,046 12,366 126 (78.0) (38.2%) 94 41.6 No. of Trades Market Breadth Most Active Stocks by Volume YTD-17 Price (SRY) Volume (Shrs) Most Active Stocks by Value 4 4 Price (SRY) 16 Daily % Chg Value (SRY) Cham Bank 678.33 17,408 Syria International Islamic Bank 869.03 4.4% 14,920,446 Syria International Islamic Bank 869.03 17,169 Cham Bank 678.33 3.6% 11,808,333 Qatar National Bank Syria 538.31 15,604 Qatar National Bank Syria 538.31 (1.7%) 8,399,713 Alahliah Vegtable Oil Company E.S.A 536.63 8,250 Alahliah Vegtable Oil Company E.S.A 536.63 (1.2%) 4,427,218 Fransabank Syria 477.74 7,273 Fransabank Syria 477.74 (0.0%) 3,474,597 Source: KAMCO Research 11
12. Disclaimer & Important Disclosures KAMCO is authorized and fully regulated by the Capital Markets Authority ("CMA, Kuwait") and partially regulated by the Central Bank of Kuwait (“CBK”). This document is provided for informational purposes only. Nothing contained in this document constitutes investment, an offer to invest , legal, tax or other advice or guidance and should be disregarded when considering or making investment decisions. In preparing this document, KAMCO did not take into account the investment objectives, financial situation and particular needs of any particular person. Accordingly, before acting on this document, investors should independently evaluate the investments and strategies referred to herein and make their own determination of whether it is appropriate in light of their own financial circumstances and objectives. The entire content of this document is subject to copyright with all rights reserved. This research and the information contained herein may not be reproduced, distributed or transmitted in Kuwait or in any other jurisdiction to any other person or incorporated in any way into another document or other material without our prior written consent. Analyst Certification Each of the analysts identified in this report certifies, with respect to the sector, companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. KAMCO Ratings KAMCO investment research is based on the analysis of regional and country economics, industries and company fundamentals. KAMCO company research reflects a long-term (12-month) target price for a company or stock. The ratings bands are:    Outperform: Target Price represents expected returns >= 10% in the next 12 months Neutral: Target Price represents expected returns between -10% and +10% in the next 12 months Underperform: Target Price represents an expected return of <-10% in the next 12 months In certain circumstances, ratings may differ from those implied by a fair value target using the criteria above. KAMCO policy is to maintain up-to-date fair value targets on the companies under its coverage, reflecting any material changes to the analyst’s outlook on a company. Share price volatility may cause a stock to move outside the rating range implied by KAMCO’s fair value target. Analysts may not necessarily change their ratings if this happens, but are expected to disclose the rationale behind their view to KAMCO clients. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by KAMCO and shall be of no force or effect. The information contained in this document is based on current trade, statistical and other public information we consider reliable. We do not represent or warrant that such information is fair, accurate or complete and it should not be relied upon as such. KAMCO has no obligation to update, modify or amend this document or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. The publication is provided for informational uses only and is not intended for trading purposes. The information on publications does not give rise to any legally binding obligation and/or agreement, including without limitation any obligation to update such information. You shall be responsible for conducting your own investigation and analysis of the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this or other such document. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which KAMCO is a party. Nothing in this document should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction, or to provide any investment advice or service. This document is directed at Professional Clients and not Retail Clients within the meaning of CMA rules. Any other persons in receipt of this document must not rely upon or otherwise act upon it. Entities and individuals into whose possession this document comes are required to inform themselves about, and observe such restrictions and should not rely upon or otherwise act upon this document where it is unlawful to make to such person such an offer or invitation or recommendation without compliance with any authorization, registration or other legal requirements. KAMCO Investment Company (DIFC) Limited (“KAMCO DIFC”) is regulated by the Dubai Financial Services Authority (DFSA). KAMCO DIFC may only undertake the financial services activities that fall within the scope of its existing DFSA licence. This document is intended for Professional Clients or Market Counterparties only as defined by the DFSA, and no other person should act upon it.’ Risk Warnings Any prices, valuations or forecasts are indicative and are not intended to predict actual results, which may differ substantially from those reflected. The value of an investment may go up as well as down. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including, without limitation, foreseeable or unforeseeable changes in interest rates, foreign exchange rates, default rates, prepayment rates, political or financial conditions, etc.). Past performance is not indicative of future results. Any opinions, estimates, valuations or projections (target prices and ratings in particular) are inherently imprecise and a matter of judgment. They are statements of opinion and not of fact, based on current expectations, estimates and projections, and rely on beliefs and assumptions. Actual outcomes and returns may differ materially from what is expressed or forecasted. There are no guarantees of future performance. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. This document does not propose to identify or to suggest all of the risks (direct or indirect) which may be associated with the investments and strategies referred to herein. Conflict of Interest KAMCO and its affiliates provide full investment banking services, and they and their directors, officers and employees, may take positions which conflict with the views expressed in this document. Salespeople, traders, and other professionals of KAMCO may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this document. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this document. KAMCO may have or seek investment banking or other business relationships for which it will receive compensation from the companies that are the subject of this document. Facts and views presented in this document have not been reviewed by, and may not reflect information known to, professionals in other KAMCO business areas, including investment banking personnel. United Gulf Bank, Bahrain owns majority of KAMCO’s shareholding and this ownership may create, or may create the appearance of, conflicts of interest. No Liability & Warranty KAMCO makes neither implied nor expressed representations or warranties and, to the fullest extent permitted by applicable law, we hereby expressly disclaim any and all express, implied and statutory representations and warranties of any kind, including, without limitation, any warranty as to accuracy, timeliness, completeness, and fitness for a particular purpose and/or non-infringement. KAMCO will accept no liability in any event including (without limitation) your reliance on the information contained in this document, any negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses or losses arising out of, or in connection with your use or inability to use this document, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even if expressly advised of the possibility of such loss or damages, arising out of or in connection with your use of this document. We do not exclude our duties or liabilities under binding applicable law. KAMCO Investment Company
13. KAMCO Investment Company - K .S.C. (Public) Al-Shaheed Tower, Khalid Bin Al-Waleed Street- Sharq P.O. BOX : 28873, Safat 13149, State of Kuwait Tel: (+965) 1852626 Fax: (+965) 22492395 Email : Kamcoird@kamconline.com Website : http://www.kamconline.com KAMCO Investment Company